Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

K Harold Sampson manages a Frosty World drive-in. His straight-time pay is $15 per hour, with time-and-a-half for hours in excess of 40 per week.

K Harold Sampson manages a Frosty World drive-in. His straight-time pay is $15 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $12 for a charitable contribution to United Way. Sampson worked 49 hours during the week. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $15,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done - ng Requirements - 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $15,000. 2. Journalize Frosty World's wages expense accrual for Sampson's work. An explanation is not required. 3. Journalize the subsequent payment of wages to Sampson. ngs Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting 111

Authors: Carl S. Warren

1st Edition

1111065624, 978-1111065621

More Books

Students also viewed these Accounting questions

Question

Which behavior do I want to improve the most?

Answered: 1 week ago